How often do settlements funds get distributed to an organisation?
Settlement funds are distributed to organisations once a week.
The settlement period is from Saturday (00:00am) to Friday (23:59pm) AEST/AEDT each week. Settlements will be created each week for the preceding weeks settlement period.
Settlements are distributed each Tuesday for the settlement period ending the previous Friday. Depending on your banking institution, the settlement amounts will appear in your Organisations nominated bank account within 1-3 business days.
A settlement amount will be offset by any refunds processed in that particular settlement period.
Once settlement funds have been distributed, your settlement balance will revert to zero, meaning that your ability to process a refund will be restricted until you have a sufficient settlement balance to cover the refund amount.
If you have not received funds into your account, it may be due to one of the following:
- There were no paid orders with products from your organisation within the settlement period
- Your organisation has processed refunds to the value of your settlement balance for the settlement period
- Your organisations bank details have not been added or are out of date. Check that you have a bank account listed for your organisation and the correct bank account is listed as the default. Ask your treasurer to add/review the organisations nominated bank account details and funds will be sent out via the next weekly settlement distribution. If you already do have one listed and believe the details are accurate, please get in contact with us via email@example.com and we can verify if any funds have bounced back